The Finance Minister presented the Interim Budget for the fiscal year 2024-25 on February 1, 2024, introducing minimal amendments to the taxation laws. Notably, a couple of significant amendments are proposed in the realm of indirect taxes.
This article provides an in-depth analysis of the changes proposed in GST by the Finance Bill 2024, which includes:
‣ Mandating distribution of common ITC on services through the ISD mechanism, which was previously optional.
‣ Additionally, a substantial penalty has been proposed for tobacco manufacturers who fail to register their machines by the specified procedure.
